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Gig Economy- Workforce 2.0 for Entrepreneurs

By Nelson Pinto 14th May 2018

“Without Mathematics, there is nothing.

Everything around you is mathematics. Everything around you is numbers!”

-Shakuntala Devi

So, let’s begin with some numbers.

By 2020, Millennials would make for more than 34% of the workforce – Manpower

77% of the Millennials believe flexible work hours would make workplace productive- Forbes

94% of workers are open to non-traditional forms of work. -Manpower

More than one-third of the workforce today are independent workers – Intuit

‘Gig Economy’ is the new buzz word, and it is here to stay! Most of us have witnesses the rapid change in the workforce management system in the last few years. More and more companies are embracing the Workforce 2.0 model. With the workplace becoming more dynamic and companies looking at specialized talents, the 9-5 job no longer attracts the fast-paced millennials.

What is Gig Economy?

As put by Forbes, Gig Economy is a term that refers to the increased tendency for businesses to hire freelancers for a concentrated short-term project.

A similar concept in the products and services market is sharing economy– where people can employ their under-utilized assets via online marketplaces and others can avail it for a short period of time. Online marketplaces like Airbnb and Uber have grown in the space of sharing economy.

Similar online marketplace models have made it a lot easier for gig economy to flourish. Apps like Upwork and Fiverr connect employers to freelancers and independent workers. Such models also help companies cut down costs, especially growing businesses. A report by Time Money says, companies plan to hire more freelancers because they can save 30% more on payroll costs.

The New-Age Entrepreneur.

Who is an entrepreneur? The yesteryear entrepreneur was defined to be an individual who founds and operates a small business and assumes all the risks and rewards of the venture. However, that definition changed with advancements in technology. The New-Age entrepreneur is anyone who is ready to step out of his/her comfort zone and bring a change in the community. You may have the smallest creative idea but enough courage, you may just become ‘The Next Big Thing’. If you have the courage and no ideas, there is a plethora of resources on the internet to help you out.

At the heart of it, every Entrepreneur needs 3 things to grow after having a solid business plan. An infrastructure or platform, capital, and targeted workforce. Whereas the traditional entrepreneur struggled to meet these requirements, thus pushing the go-to-market time, the new-age entrepreneur is supported by technology and changing employee behavior.

Every growing business today prefers specialized temporary workforce over full-time employees. The reason, in my opinion, is simple. During the initial days, the business requirements keep changing as and when the founder realizes newer aspects of the concerned industry. It becomes difficult to forecast long-term workforce requirements. Some might say, freelancers charge a lot for their services. Yes, that’s true but the competencies are concentrated, and the overall cost-to-company is low.

Freedom of employment, Flexible hours, Higher compensation, Greater availability, Concentrated Workforce, Lower cost-to-company and many more features make ‘Gig’, the go-to mode for talent recruitment for New-age entrepreneurs and even larger enterprises. The history of ‘Gig’ economy may be disputable, but the future looks undisputable, inevitable!

Infrastructure and Platforms.

With Gig defining the workforce management, another issue that new-age entrepreneur face is the right infrastructure for their business. People have the right business idea and the courage to pursue but often hesitate due to technical constraints. Well, technology makes that easier too. Today, we see a lot of online marketplaces popping around the globe. Aggregation of product sellers, service providers or rental spaces; we see it all. There are plenty of easy and economical peer-to-peer marketplace solutions available which help you transform your idea into a successful business; it’s all about choosing the right option for your business.

Are you bored of the 9-5 routine and want to become an entrepreneur?

Do you think you have right marketplace idea to bring about a change?

Do you feel you have the courage to break through the clutter and make a name for yourself?

Check out Yelo today and discover the easiest way to transform your online marketplace idea without any technical hassles. With Yelo, use features like Appointment Scheduling, Catalogue Management, Merchant Management, and a lot more to create your own customized marketplace website/apps in any language of your choice.

So don’t let technology get in the way of reaching your dreams; let it be the stepping stone!

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